Milton’s No Longer The Underdog
THE inner-city underdog suburb of Milton is proving a winner in the long run.
The suburb had the highest growth in median apartment prices of the 21 suburbs in Brisbane’s inner city, beating some of the city’s most prestigious areas.
Resolution Research found apartment prices in Milton had recorded the highest median price growth in the inner city precinct over the past decade.
The median price increase was 12.3 per cent each year over the past 10 years, with apartment prices jumping from $171,000 in 2001 to $544,000 in December 2010.
It trumped the next best performers of East Brisbane at 11.8 per cent and Dutton Park at 10.5 per cent, and the average across the inner city precinct of 7.3 per cent.
Resolution director Diana Howes said properties in the suburb were expected to continue to perform strongly, with very limited new supply on the horizon.
"The inner west, which includes Milton, is one of the most undersupplied markets in inner Brisbane," she said.
"Currently, The Milton is the only high-density residential apartment project on the market in the inner west, and that is not likely to change, based on current approvals, until at least 2013 to 2015.
"At the same time, demand from those wanting to live in this area is strong, particularly renters."
PRD Nationwide researcher Josh Brown said Coronation Drive continued to put off some buyers. "The notorious traffic-prone Coronation Drive is a deterrent to some purchasers. However living in such close proximity to entertainment and work arguably negates the need for frequent car usage," he said.
"Potential buyers should look for a long-term investment option to reap the benefits of the Brisbane City Council’s vision for the Milton precinct, which features integrated transport, increased housing and business opportunities and new public space"